Category: Vermont

Why You Should Never “Enter Your Address and Find Your Home Value”

Leave a comment

home search-polina-zimmermanWhy do some houses sell for less than their Zillow estimate? Do you think your house will sell for more than the online estimates? In our area, many of you, whether selling or buying, are a bit vexed when they search online. This may lead you to “Enter Your Address and Find Your Home Value,” which just triggers many, many phone calls from real estate agents.

Here’s how it works:

1. You enter you address and email, sometimes phone number is optional.

2. Your personal information is then sent to dozens of local real estate agents.

3. You will receive multiple calls, text messages, and emails.

Your private information, including your street address, and your intent to sell is telegraphed to random real estate agents who will do anything, including drive to your house, for your business.

Why risk your privacy just to obtain a value on your house? We know that pricing a house is both an art and a science. The online estimates on Zillow, Redfin, Realtor.com, etc. are based on complex algorithms that mainly assess on square footage and do not “sort” for types of properties such as condominiums or single family homes, for example.

What should you do if you can’t trust the internet? Stay calm and contact us! Consult with Carolyn and she will prepare a personalized home value estimate based on similar recently sold properties, similar under contract properties, and similar properties for sale. If you prefer to start online, you can fill out OUR form for your free home valuation – this information is ONLY sent to Carolyn, no other agents.

The Real House Hunters of Chittenden County

Leave a comment

Essex Jct - Juniper Ridge RdWe would love to write the script for a show, “The Real House Hunters of Chittenden County.” This reality show could follow a group of buyers in their search for the perfect house. Alas, no one has called us (yet) to work on a pilot, so we’ll just regale you with a few house hunting tips to save you some drama.

Episode I – Heartbreak on Hilltop Drive

Joey Jones thought he was approved for a $450,000.00 loan … after we found the perfect house on Hilltop Drive he found out that he was only qualified for a $250,000.00 loan. It was heartbreaking to see Joey burst into tears.

Real LifeTip: Make sure you are pre-approved with a mortgage lender. This sounds so basic but if you don’t take this step it will lead to unnecessary stress once you start the house hunting process. We have met with buyers who are certain that they are qualified for a certain mortgage amount and start the house hunting process with an unrealistic price point.

Episode II – Snooze and Lose on Sleepy Hollow Way

Tiffany Thomas thought she had time to think about putting in an offer on her “almost” perfect dream house on Sleepy Hollow Way. She dismissed her alarm by mistake when she should have set it to snooze. Once she emerged from her long winter’s nap she called her Realtor to put in an offer. Alas, the house just went under contract with another buyer, apparently an early riser. Tiffany spends the next week in bed mourning the loss.

Real Life Tip: Don’t hesitate to put in an offer if you think you found the “almost” perfect house. While the market may seem slow-moving and sleepy to you, there are other buyers who are searching for a similar property.

Episode III – Too much to Fix on First Street

Martin McFly thought that the photos of house on First Street fit most of his “wish list.” Once inside the house, though, he couldn’t believe how much worse the house looked in “real life.” The paint, the appliances, and the flooring all needed to be addressed to suit his particular aesthetic. Six months later he still cannot find a location or floor plan that fits his needs. He can’t move forward with his search and spends his days pricing out appliances and flooring just in case he ever finds a comparable property to First Street that may need some updating.

Real Life Tip: No house will ever fit your wish list 100%. It is good to know the cost of any updates or changes that you may want to make to a property before you dismiss it as a “fixer-upper” or needing too much “work.” We have seen some beautiful transformations on many different budgets.

If you’re frustrated in your own house hunt, get in touch to see how we can help you find your Home Sweet Vermont!

Is My Vermont House at Risk of Flooding?

Leave a comment

Vermont FloodingIn the wake of the historic flooding that resulted in Vermont being declared a Federal Disaster Area many homeowners and buyers have been asking, “Is my house at risk of flooding?” There is no definitive answer to this question, however we have some resources available to help assess risk levels. Remember, though, water takes its own “path” and what may “not” be in a flood zone or high risk area right now could turn into one very quickly depending on the circumstances.

Houses may or may not require flood insurance. If you are financing your property with a mortgage lender then they have resources for you. Some lenders will require a flood insurance binder as a requirement of the loan. If you are purchasing with cash then flood insurance is not required as a condition of the sale, however, you should assess your risk and talk to your insurance agent.

The State of Vermont provides information on designated flood hazards and river corridors — http://dec.vermont.gov and https://floodready.vermont.gov/assessment/vt_floodready_atlas.

FEMA also provides resources: https://msc.fema.gov/portal/home to do more research on your area.

Bottom line, if you are looking at a house and the street name is River Rd., Winooski St. (named after the Winooski River), Canal St., Streamside Dr., etc. then you should check out the resources above. Or, reach out directly and we will share our local knowledge regarding the historical data regarding natural disaster risk in your area.

If you want any further information or a detailed evaluation on any property in Vermont contact us to get started!

Taylor Swift Nailed It: Cruel Summer for Buyers and Sellers

Leave a comment

Essex Junction VTIt’s turning into a cruel summer for many buyers and sellers. Sellers and buyers are increasingly afraid that their house sale or purchase may be their next mistake.

Recently, our local Vermont real estate market has experienced some situations with pricing and buyer response that we are finding unusual. Most of my colleagues are referring to the current state of the market as “weird,” and we, also, are finding it a bit quirky. What does that mean?

In analyzing market pricing and buyer response we have concluded that shifting seller and buyer psychology has impacted some properties in certain price points and locations. Here are our 3 observations:

Bidding wars generated by multiple offers and rising interest rates are causing buyers to pause in their search. Due to our continued low inventory of available homes buyers are getting frustrated with the competition. In some cases we are seeing buyers bid $60,000.00 or higher than list price in the race to secure a residence and still “not” winning the bidding war. As a result, buyer behavior is shifting from impulsive and excitable to cautious and reserved.

Sellers are conflicted when choosing a pricing strategy. Should they price it at the suggested market analysis value? Should they price it where they want to “sell it?” Will they receive multiple offers? This conflict results in additional seller angst, “Will we have to reduce the price if we don’t receive an offer quickly?”

Buyers and sellers continue to be awed by the sale prices of properties. Some are selling “at” their listing price, others are way “over” the listing price, and in a few cases some “under” the listing price.

The predictive aspects of pricing in relation to buyer and seller behavior continue to be challenging. There is no playbook for our current real estate market.

For sellers, one of the most important aspects of selling your home is to find the “sweet spot” for pricing your house. We encourage our clients to think about a range of value while considering the potential for the highest price for their property. As far as predicting buyer behavior, we are happy to share our latest insights with you.

Whether you are thinking about selling or buying, it is always best to have a professional in your corner to guide you through this ever-changing market. Contact us today to see how we can help you achieve your real estate goals!

Who Buys and Sells in Vermont in the Winter?

Leave a comment

annie-spratt-MMh57gXsTug-unsplashWe do sell houses year-round in Northwest Vermont. Who are these buyers and sellers? Why can’t they wait until the “spring market” when the grass is green and the ice has melted from driveways?

You will most likely encounter two types of winter sellers:

One motivation to sell is to get a “jump” on the market and put their houses on the Multiple Listing System (MLS) and the public websites when there is less competition. Sometimes in February your house may be one of only a handful on the market in a certain price range. This means that you will capture buyers who are focused on your particular location and price point.

Another type of seller has already bought another property and are ready to sell. Their house may be vacant and they are motivated to sell quickly rather than continuing to heat the house and pay for driveway plowing. Savvy winter buyers don’t mind trudging through the snow and ice to find a motivated seller or “jump” on a property themselves that meets their location and pricing criteria. Most winter buyers don’t need to “wait to see what comes up next,” they are ready to go when they find the “almost perfect house.”

The combination of motivated sellers and buyers means that we do sell and show houses in January, February, and March. Some of my favorite clients have bought and sold during the cold, snowy weather and have enjoyed the less frenetic pace of the spring market. If you’re thinking about selling this winter we’re ready to help – all you gotta do is call (or email)!

We Love Your House! 3 of Our Marketing Secrets for Sellers

Leave a comment

Colchester Sitting AreaWhat do you love about your home?  Our marketing program goes above and beyond your average real estate listing. We take the time to research your location, amenities and unique features to attract qualified buyers. We love what you love!

Here are 3 ways we excel at getting you “out there” for maximum advertising impact:

The Great Outdoors – In Vermont it’s all about the outdoors and enjoying nature. Whether it’s mountain view, trail access or even a quaint waterfront sitting area, we highlight all of the features of your home. We feature all of your outdoor space and amenities. Are you near a bike path, VAST trail, walking and hiking trails? Are you lucky enough to have a mountain view or a water view? Do you have a patio, deck, covered porch, hot tub? Does your property have raspberries, blueberries or wildflowers?

Local “Hot Spots” – We love everything about your location. Are you close to a ski area? Do you have restaurants and pizza places nearby? Where is the summer farmer’s market? Does the town band play at the gazebo? We dig into the local culture to spotlight food, music and recreation. And, everyone want to know, “Where is the closest Starbucks?”

Unique Features – Because we see so many houses we get very excited about unique features. A fully fenced yard, an outdoor shower, a porch swing or even a special rock where you sit and watch the stars are a few of the features that we love. We find features that may be part of your everyday routine and bring them to the buyer through our marketing platforms.

Follow us on Instagram and Facebook or search our website to check out our latest homes for sale.

Rising Rates & Our Local Market

Leave a comment

default

How do interest rates impact our local Vermont real estate market? Good question considering that rates have jumped from 3% to 6% over the last few months!

Here are 3 insights about our local market based on our many years of experience in “all” market conditions:

1.     Buyers will adjust to the current mortgage rate. The most important factor for buyers is their “monthly payment” and their comfort level with that amount. We often hear, “I don’t want to be ‘house poor’” meaning that they want to be able to pay their mortgage and have discretionary funds. This may mean that they readjust their “purchase price” down to suit their household budget.

2.     Sellers may have fewer qualified buyers depending on their list price. We have seen more “cash buyers” over the last few years however we predict the new buyer pool will seek mortgage loans. This means that there will be fewer cash buyers in the market. Some properties will be impacted more than others.

3.     In any market there will always be people who need to sell and people who need to buy. Our local real estate market is driven by life circumstances rather than speculation. This means that our market will remain more stable than other parts of the country.

 Making the decision to buy or sell is always stressful and wrought with questions. If you want more information about the current market and how it applies to your situation reach out to see how we can help you!

5 Upgrades That Buyers Love

Leave a comment

HGTV Smart Home 2022 in Wilmington, NC

HGTV Smart Home 2022 in Wilmington, NC

If you follow our blogs you know that Carolyn works with buyers and sellers in the Northwestern Vermont market. Buyers are “wowed” by certain features that may surprise you.

Here are our top 5 upgrades that buyers love:

  1. Trex or other types of composite decking – Previously this type of decking was a luxury item but now, due to the rising costs of pressure treated lumber, many houses are opting for composite decking. No more staining!
  2. Gas fireplace inserts – Nothing beats the smell of wood burning in a fireplace on a crisp Vermont evening, but the wood, ash, and family allergies sometimes puts a damper on this scene. Today’s updated inserts and realistic flames impress most buyers. No more chopping wood!
  3. Freshly sealed driveways – Vermont driveways take a beating. Snow, salt, sun, and the inevitable fading and cracking. A freshly sealed driveway upgrades your curb appeal instantly.
  4. Smart thermostats – Buyers love this energy efficient feature that you can control from anywhere with your phone, and helps reduce heating and cooling costs.
  5. Solar panels – Buyers get excited when they see solar panels for an alternative energy source. More people are driving electric vehicles in Vermont and they want to add charging stations to the system.

If you’ve been thinking about selling and want more information on any of these “wow” factor features, reach out! We will help you with everything – from the beginning to closing the deal.

Let It Snow! How Weather Effects the Real Estate Market

Leave a comment

Snowy SpringWe are obsessed with the weather. When The Weaver Team works from home one of our favorites is The Weather Channel.  People often ask me, “Does it slow down in the winter?” Well, yes, in normal times. Then, they ask, “When is the best time for my property to go on the market?”

Today, April 19, 2022 we have scheduled a full day of showings for our newest listing. I asked Alexa if it was going to snow last night and she said, “there is no snow in the forecast.” Right now, 4” of snow and increasing rapidly. Our lilac tree split under the weight of the heavy, wet spring snow.

Still, we persevere.  The buyers and Realtors will show up to see the property. But, there will be snow, wet shoes, and wet coats to shed upon arrival. The boundary lines are hard to decipher amid a sea of white.

So, when is the best time? We like May 1st to minimize the chance of snow for photos, showings and other reasons. Who can resist a front porch with a fresh spring wreath and pots of colorful flowers? Ah, but that is still an aspiration here today. We would love to continue this blog but Carolyn needs to find her boots and winter coat for today’s showings.

Stay warm and dry out there, Spring will be here in a few weeks, we are certain!

If you want more information on the seasonality of real estate, reach out – we are always available to help with all of your Vermont real estate needs.

Winter Is Coming: Will The Hot Real Estate Market Cool Off?

Leave a comment

pexels-jeffrey-czum-2501965Is the real estate market cooling off? No.

Will the shorter days and longer nights put a damper on buyer activity? No.

Will houses stay on the market for more than a day or two? No.

Will prices continue to rise? Looks that way.

Navigating the real estate market has been a challenge for the last few years. Multiple offers on properties. Many “cash, no contingency” offers are hard to beat for the average buyer who needs a mortgage loan and simply wants a home inspection. Houses that sold a few years ago show up on the market again with eye-popping prices.

The last quarter of 2021 shows no slowing of prices or buyer activity thus far. Low interest rates and low inventory continues to drive market activity. All price ranges are competitive. This may sound depressing for buyers but there is hope.

What do we predict for 2022? If you want to dip your toes into the fast moving waters of Chittenden County real estate, reach out. We have a track record of success for buyers as well as sellers. Our networking, relationships, and strategies guide our buyers to their goals.

We can’t wait to help you find your Home Sweet Vermont!